Business
Gold Royalty Announces Record Quarterly Revenues And Provides Portfolio Update
VANCOUVER, BC, Aug. 15, 2022 /CNW/ - Gold Royalty Corp. ("Gold Royalty" or the "Company") (NYSE American: GROY) is pleased to announce the filing of its operati
About this update from Gold Royalty Corp.
[{"type":"text","content":" VANCOUVER, BC, Aug. 15, 2022 /CNW/ - Gold Royalty Corp. (\"Gold Royalty\" or the \"Company\") (NYSE American: GROY) is pleased to announce the filing of its operating and financial results for the three and nine months ended June 30, 2022 and provide an update on recent asset advancements. The Company will be hosting an Investor Webcast to discuss these results and update on Thursday, August 18 at 11:00 AM EDT. All amounts expressed in U.S. dollars unless otherwise noted. David Garofalo, Chairman and CEO of Gold Royalty, commented, \"While we continue to achieve new revenue records in the current year, our projected peer-leading growth over the next several years is expected to continue to be driven by our diverse portfolio of royalties on gold mines entering production, including Odyssey and Côté and increasing gold production expected by the operators at Beaufor and Jerritt Canyon. Beyond these near-term cash flow drivers, our existing portfolio has exposure to over 700,000 meters of drilling, the equivalent of over $200 million of exploration expenditures, announced by our operating partners in 2022 alone, providing multiple exploration catalysts across our portfolio.\" Highlights for the three and nine months ended June 30, 2022, include: Record revenues of $1.9 million and $3.1 million, respectively. Strong projected revenue guidance reiterated for Gold Royalty's first full fiscal year of approximately $5.0 million, supported by the commencement of production at the Beaufor mine and the Beacon Mill in July 2022, and the recent commencement of royalty payments from the Borden mine. Projected peer-leading multi-year growth in revenues from, among others, the underground expansion of Odyssey at Canadian Malartic in Québec and the startup of the Côté Gold mine in Ontario supports a current annual dividend yield of over 1%. Cash, cash equivalents and marketable securities of approximately $17.1 million as at June 30, 2022, positioning the Company well for further growth. This excludes an accordion feature in the revolving loan facility with Bank of Montreal providing for an additional $15.0 million of availability, subject to certain conditions. Gold Royalty now has 198 royalties with focus on the best mining jurisdictions in the Americas (2021 Fraser Institute of Mining Attractiveness Index). A summary of the financial an...